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Clearing and settlement of financial markets: Europe and beyond

Conference held at
Cass Business School, London, UK
16th – 18th June 2005

Cass Business School and the Research Centre for Financial Services Regulation hosted this major academic and policy conference.

Clearing and settlement has moved from the relative obscurity of the bank office, to become one of the critical policy issues in the creation of the single European market in financial services. Following two reports of the Giovannini Group, the European Commission last year released its communication on policy in this area. A first draft of a European directive on clearing and settlement is expected to follow, by around the end of this year.

This timely conference brought together leading academic researchers from universities and central banks, together with lawyers, regulators, and key practitioners. The objective of the conference was to explore the legal and economic issues and to help forge consensus on the role of regulation in clearing and settlement. Euroclear, the Bank of New York, the University of Illinois, and Cass Business School are the conference sponsors.

Any enquiries should be directed to

Lynn Blewett
Cass Business School
E-mail: l.blewett@city.ac.uk
Tel: +44 (0)20 7040 5145
Fax: +44 (0)20 7040 8772).

Alistair Milne
Conference Organiser

Papers and Presentations

Thursday, 16 June (Academic Session I)

2.00 – 3.15
Gisele Chanel-Reynaud & Dominique Chabert, "The organisation of securities clearing and settlement infrastructures in Europe" (Powerpoint)
Baris Serifsoy & Marco Weiss, " Settling for Efficiency: A Framework for the Securities Settlement Industry" (Powerpoint)
3.45 – 5.30
Heiko Schmiedel, Marrku Malkamaki & Juha Tarkka, "Economies of Scale and Technological Development in Securities Depository and Settlement Systems" (Powerpoint)
Patrick Van Cayseele & Christophe Wuyts, "Cost Efficiency in the European Securities Clearing and Settlement Industry" (Powerpoint)
Baris Serifsoy, "Business Models and Total Factor Productivity of Stock Exchanges - Empirical Evidence" (Powerpoint)
Discussant: Jens Tapking (Powerpoint)

Friday, 17 June (Academic Session II)

8.30 – 10.15
Giulia Iori, "An analysis of systemic risk in alternative securities settlement architectures" (Powerpoint)
Mark J Manning & Matthew Willison, "Modelling the cross-border use of collateral in payment systems" (Powerpoint)
Johan Devriese & Janet Mitchell, "Liquidity risk in securities systems" (Powerpoint)
Discussant: Cyril Monnet (Powerpoint)
10.45-12.00
Dominique Chabert & Lalla-Sanaa El Idrissi, "Competition and Integration of Securities Settlement systems in Europe" (Powerpoint)
Jean-Charles Rochet, "The Welfare Effects of Vertical Integration in the Securities Clearing and Settlement Industry" (Powerpoint)
Discussant: Edouard de Lencquesaing (Powerpoint)

Friday, 17 June (Practitioner/Policy Session I)

2.00 – 3.30
Sonya Branch & Mark Griffiths “Introducing the Parameters: the Application of Competition Law to the EU Clearing and Settlement Sector” (Powerpoint)
Horst Satzky “Commentary on the application of competition law”
Ruben Lee “Governance of post-trade institutions” (Powerpoint)

3.50 - 4.40
Salvatore LoGiudice
Graham Bishop

Saturday, 18 June (Practitioner/Policy Session II)

9.00 – 10.15
Alistair Milne, "Standard setting and the inter-operability of securities and settlement systems."
Thorsten Köppl & Cyril Monnet, " Central Counterparties: Governance structures, risk-taking, and the effect of competition" (Powerpoint)

10.45 - 12.30
Jens Tapking & Jing Yang, "Horizontal and Vertical Integration in Securities Trading and Settlement" (Powerpoint)
Thorsten Köppl & Cyril Monnet, "Guess what: It’s the settlements" (Powerpoint)
Karlo Kauko, "Interlinking securities settlement systems – a strategic commitment."

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